Latest news with #NikhilAgarwal
Fashion Network
a day ago
- Business
- Fashion Network
Campus Activewear Q4 net profit rises 7 percent to Rs 35 crore
Footwear major Campus Activewear Ltd reported a 7 percent increase in net profit to Rs 35 crore ($4.1 million) for the fourth quarter ended March 31, as against Rs 33 crore in the year-ago quarter. The company's revenue for the quarter rose by 12 percent to Rs 406 crore, as against Rs 364 crore in the corresponding quarter of the previous fiscal year. For the full year, the company's net profit was Rs 121 crore on a sales revenue of Rs 1,593 crore. Commenting on the results, Nikhil Agarwal, CEO of Campus Activewear in a statement said, 'This performance was underpinned by our focused expansion in distribution, a surge in online sales, the introduction of trend-forward styles, and the impactful launch of our new digital marketing campaign. FY25 marked a year of meaningful progress in brand visibility and channel diversification. We successfully debuted on the quick commerce platforms and expanded our footprint into premium large format stores, enhancing accessibility and brand equity.' 'With a strong balance sheet and a clear strategic roadmap, Campus Activewear is well-positioned to lead through its omni-channel presence, vertically integrated manufacturing, operational excellence, product innovation, digital transformation and innovative marketing initiatives,' he added. During FY25, Campus Activewear expanded its retail presence with the launch of 30 new stores to end with a store count of 296 across India.
Time of India
7 days ago
- Automotive
- Time of India
Gensol defaults on BluSmart-linked bond repayment for May
Gensol Engineering , promoted by the founders of electric mobility firm BluSmart , has defaulted on payment of around ₹4 crore to its pass-through certificates ( PTCs ) holders this month. The last repayment that was processed successfully was in April, people aware of the matter said. The troubled solar engineering, procurement and construction company had raised these funds by issuing PTCs, which were distributed to retail investors via online platform Grip Invest. PTCs are usually loans that are raised in lieu of any underlying asset. In this case, the company had offered vehicles plied on the BluSmart platform as collateral for these loans. As the vehicles plied and generated revenue, repayments were processed out of that cash flow. Now, as the BluSmart cab service stopped and deal talks with ride hailing platform Uber and fleet operators are yet to come to fruition, the loan repayment has become uncertain. Confirming the development, Grip Invest founder Nikhil Agarwal said that while the total issue size was ₹5.6 crore, 56per cent of the principal amount has been repaid by Gensol and currently the outstanding is ₹4.04 crore. These loans were secured against 76 vehicles that were previously run on the BluSmart platform. On May 29, the Delhi High Court passed a final order and gave Vriksh Advisors, the lessor, the right to operate, sell or lease the assets. 'All vehicles are now in the possession of the lessor. The same have been inspected and found to be in good working order,' Aggarwal told ET. Vriksh Advisors is a subsidiary of Grip Invest. Aggarwal said the company has taken possession of the vehicles, inspected them, created charging facilities and is now in talks with fleet operators looking to deploy these vehicles on ride sharing platforms. A senior industry insider, however, said the repayment structure for PTCs might change even if the vehicles start running. 'Commissions, revenues, pricing and all the other factors would not remain the same across all platforms, so those things will need to be considered before starting the repayment schedule,' he pointed out. Vriksh Advisors is in the process of finding the best suitable buyer of the assets, so they can be used to repay the loans taken against them, people cited above said. 'People invested in BluSmart bonds and PTCs thinking of the cab services, which had a big brand value, and they were also attracted to the high returns offered by these instruments,' said an investor who has exposure to BluSmart bonds. According to a credit rating document issued by Care Edge Ratings on Tuesday, these bonds issued in 2023 were due to mature in 2027 and offered a coupon rate of 13.6per cent . ET had reported on April 21 that BluSmart investors were expecting major defaults on bonds they had purchased via platforms like Yubi, Centricity and others. The ride-hailing company had issued more than ₹100 crore worth of bonds over the last one year. The investor quoted above said that more than ₹80 crore of NCDs are due for repayments from BluSmart. This comes at a time when the Gensol promoters Anmol Singh Jaggi and his brother Puneet Singh Jaggi are under investigation for siphoning off funds from the company for personal consumption. While BluSmart has halted its operations, Gensol's bank accounts have been frozen under directives from the National Company Law Tribunal, Ahmedabad. State-run Indian Renewable Energy Development Agency (Ireda) last week said it has moved the Debts Recovery Tribunal, Delhi, against Gensol Engineering and its arm Gensol EV Lease, claiming a default of about ₹729 crore. Ireda had earlier filed an insolvency petition against Gensol. The entire saga started after market regulator Sebi kicked off an investigation into Gensol Engineering following a stock manipulation complaint it received in June 2024. Its findings showed that the Jaggi brothers diverted loans Gensol took to procure electric vehicles for personal use.
